THE TAKEAWAY: The breakneck US Dollar rally launched last week has stalled at technical resistance, with prices now showing early signs of a possible pullback ahead.

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US DOLLAR TECHNICAL ANALYSIS Prices put in a Harami candlestick pattern below resistance at 10781, the 76.4% Fibonacci retracement, hinting a pullback may be ahead. Initial support is at 10721, the 61.8% level, with a drop beneath that eyeing the 50% Fib at 10673. Alternatively, a move above resistance aims for the May 29 swing high at 10877.

Forex_US_Dollar_Chart_Setup_Hints_a_Pullback_May_Be_Ahead_body_Picture_5.png, US Dollar Chart Setup Hints a Pullback May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke support at 1585.80, the 76.4% Fibonacci expansion, with sellers now challenging the 100% level at 1564.60. A further push beneath that aims for the 123.6% Fib at 1543.40. Alternatively, a move back above 1585.80 exposes the 1600 figure.

Forex_US_Dollar_Chart_Setup_Hints_a_Pullback_May_Be_Ahead_body_Picture_6.png, US Dollar Chart Setup Hints a Pullback May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing the 100% Fibonacci expansion at 1273.77, with a break beneath that exposing the 123.6% level at 1238.38. Early signs of positive RSI divergence hint a corrective bounce may be ahead, but confirmation is absent for the time being. Near-term resistance is at 1309.16, the 76.4% Fib, followed by the 61.8% expansion at 1331.05.

Forex_US_Dollar_Chart_Setup_Hints_a_Pullback_May_Be_Ahead_body_Picture_7.png, US Dollar Chart Setup Hints a Pullback May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices put in a bullish Piercing Line candlestick pattern above support at a rising trend line set from mid-April, hinting a rebound may be ahead. Initial resistance is at 95.88, the 23.6% Fibonacci expansion, with a break above that exposing the 38.2% level at 97.87. Alternatively, move beneath trend line support (now at 93.69) exposes an upward-sloping barrier set from the May 1 low at 92.04, followed by the June 3 bottom at 91.23.

Forex_US_Dollar_Chart_Setup_Hints_a_Pullback_May_Be_Ahead_body_Picture_8.png, US Dollar Chart Setup Hints a Pullback May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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